BAKU, Azerbaijan, September 10. The CIF price of Azerbaijan's Azeri Light crude at Italy's Augusta port increased by $5.14, or 4.75%, from the previous level to $113.32 per barrel, a source in the oil market told Trend.
FOB price of Azeri Light crude at Ceyhan port in Türkiye went up by $4.88, or 4.65%, to $109.87 per barrel.
The price of Urals crude grew by $3.65, or 4.45%, from the previous level to $85.60 per barrel.
Meanwhile, the price of North Sea “Dated Brent” crude rose by $5.58, or 5.13%, to $114.26 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price assumption of $65 per barrel.
According to Trading Economics, oil prices remained above $96 per barrel on Thursday, trading near their highest level since May. The increase was attributed to growing concerns over potential disruptions to energy supplies from the Middle East amid escalating tensions between the United States and Iran.
“Iran has announced that it is prepared for a broader confrontation, said it would resist the U.S. naval blockade and warned that it would intensify attacks if U.S. strikes on Iranian territory continue.
U.S. President Donald Trump predicted that the conflict would end after the November midterm elections and said a significant decline in gasoline prices was unlikely before then. The remarks indicated that the likelihood of tensions easing in the near term remains limited.
After nearly a month of relative calm, the confrontation intensified again over the past week, with both sides increasing their attacks. The conflict expanded further after Iran-backed Houthis attacked several energy facilities in Saudi Arabia. Some facilities were temporarily shut down following the attacks,” the report notes.
